Have An Adjustable-Rate Mortgage? What To Do Now

Mortgage rates have skyrocketed recently. If you have an adjustable-rate mortgage (ARM), you may be wondering what you need to do now to stay in your home affordably. Keep reading as we share things to consider to stay on track with your financial goals while staying in your home.

How Long Is Your Mortgage Rate Guaranteed?

Knowing how long you can keep your current mortgage payment is important when planning for the future. If you had recently refinanced your mortgage before rates started to rise, you may have some time before current mortgage rates hit your payments. On the other hand, if you only have a three-year ARM or purchased your mortgage a few years ago, a significant increase in your mortgage payment could be coming soon. The bottom line is to determine when your next mortgage rate adjustment will occur and mark your calendar.